Hog Market Keeps Steady Gains Despite Slight Price Drop

The hog market saw consistent trading with gains of $1 by Wednesday’s close. The national average base hog price stood at $82.72 on Wednesday afternoon, a decrease of 65 cents from the day before. Meanwhile, the CME Lean Hog Index reported a price of $89.79 as of November 4, which reflects an increase of 41 cents from the previous day.

USDA Updates Pork Cutout Values

According to USDA’s PM report, the FOB plant pork cutout value rose by $0.72 from the previous day to reach $102.15 per cwt. Both rib and belly primals contributed to this increase, with the belly rising by $6.20. On Tuesday, USDA estimated the federal inspected (FI) hog slaughter at 488,000 head, bringing the weekly total to 1.465 million head. This figure is slightly above last week’s tally by 1,000 head but remains 1,861 head lower than this time last year.

Closing Prices for Hogs

Dec 24 Hogs closed at $82.125, up $1.000.

Feb 25 Hogs closed at $85.150, up $0.650.

Apr 25 Hogs closed at $88.725, up $0.625.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.